Q: Once completed, how will the Interstate 5 expansion in North County affect property values?

•Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

The freeway-widening project will not impact property values in the long-term. In the immediate future, some single-family residential properties in close proximity would be affected adversely by auto emissions and noise, while others in the Golden Triangle and North County may get a boost from savings in travel time. However, research shows that building more freeways does not reduce traffic congestion, as commuters are induced into driving more in the long run. Thus, the expanded freeway capacity gets filled with no net increase in economic activity, although new development projects may be influenced by the location of the freeway.

The goal of the Interstate 5 expansion is to reduce commuting times for North County residents and consumers. As such it should have a positive impact on property values. More people may choose to live and shop in North County, increasing demand for housing and traffic in retail establishments. The increased demand coupled with very limited new construction should result in increased property values. Those houses immediately adjacent to the Interstate may see a decline in property values due to greater noise and pollution, but on net the impact should be positive.

Leslie Kilpatrick, 2014 president of the San Diego Association of Realtors— Courtesy

Leslie Kilpatrick, 2014 president of the San Diego Association of Realtors
/ Courtesy

•Leslie Kilpatrick, president of the Greater San Diego Association of Realtors:

Anything that eases traffic congestion and improves commute times is good for the entire region. However, this plan is many years from completion and there are factors that have a more immediate impact on home values, including good jobs, quality schools, affordable financing and inventory levels. The planned I-5 expansion would further enhance the quality of life in San Diego County, but economic and demographic factors will continue to serve as greater drivers of home values. The plans are a positive step for the region and, combined with improved public transportation options, will help support sustained strength in housing prices.

In the long run, the Caltrans freeway expansion will create an improved conduit from coastal communities to employment, educational and entertainment centers. Let's look at what transportation will look like in 10 years or more. Commuting will be more efficient and perhaps quieter with improved technology in the next generation of public transportation and automobiles. Electric- and solar-powered cars that drive themselves in designated lanes will allow drivers to relax and enjoy more quality time while commuting. I believe most people like living close to transportation corridors because their time is valuable.

•Robert Vallera, senior vice president of Voit Real Estate Services in San Diego:

Most people will to varying degrees swap dollars for time, effectively paying for ease of mobility. Serious traffic congestion already impairs North County coastal residents’ access to employment and other activities elsewhere in the region. Without the infrastructure upgrades, worsening congestion will continue to degrade the desirability of the North County coast for anyone who places much value on their mobility. Enhancing freeway capacity and supplemental transit options will protect mobility and property values along the North County coastal strip. Everything else equal, decreased travel times are almost always associated with enhanced property values. What is your time worth to you?